AC Drives Market to Reach US$ 33.9 Billion by 2028 | CAGR of 6.2%

According to the latest report by IMARC Group, titled "AC Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global AC drives market size reached US$ 23.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.

AC Drives Industry Outlook:

Alternating current (AC) drives are electronic devices that control the torque and speed of an electronic motor by alternating the frequency, magnetic flux, and voltage. They aid in enhancing the process control while reducing the energy requirements of the device and providing accurate control of the motor in a low-maintenance compact size. Additionally, they are also used to convert energy from natural and renewable resources, such as the sun and wind. As a result, they are widely used in various industries, including building automation, metals and mining, power generation, food and beverage, and chemicals and petrochemicals, due to their energy-saving and low maintenance properties.

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Global AC Drives Industry Demand:

The rising demand for energy-efficient solutions is driving the global market. Moreover, the increasing investments in infrastructural development projects due to rapid urbanization and industrialization are also contributing to the market. Apart from this, the rising popularity of the industrial Internet of Things (IIoT) and the growing usage of cloud computing, mobile communications, and web technologies for controlling and maintaining drives are propelling the demand.

Furthermore, increasing government initiatives to conserve electricity through energy efficiency are providing a thrust to the overall AC drives market favorably. Other factors, such as increasing investments in HVAC and quality refrigerators by the masses and extensive research and development (R&D) activities by key players, are also influencing the market.

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Key Market Segmentation:

Top AC Drives Manufacturers :

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

• ABB Group, Danfoss Group
• Schneider Electric SE
• Siemens AG, Mitsubishi Electric India
• Fuji Electric Co. Ltd., Emerson Electric Co.
• Hitachi Ltd
• Parker-Hannifin Corporation
• Rockwell Automation Inc.
• Toshiba International Corporation
• WEG SA
• Yaskawa Electric Corporation

Breakup by Power Rating:

• Low Power Drives (40 kW)
• Medium Power Drives (41 kW - 200 kW)
• High Power Drives (200 kW)

Breakup by Voltage:

• Low Voltage
• Medium Voltage

Breakup by Application:

• Pumps
• Fans
• Compressor
• Conveyors
• Extruders
• Others

Breakup by End-Use:

• Food and Beverage
• Water and Wastewater
• HVAC
• Oil and Gas
• Power
• Metal Processing
• Chemicals
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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This release was published on openPR.